Family Business Succession: The Joys and Challenges
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Family business succession can be joyous when there is a succession plan. But when there’s no plan in place, it can be anything but joyous.
It is a familiar scenario for a family. Husband and wife build a family business, take pride in its growth and achievements while it provides for the family and then some. The goal is to then pass it on as a legacy to the children, so they don’t have to start from scratch. And then, when we are ready to scale back or retire, our children will carry on the family business tradition and build it bigger for their children…
The quintessential American dream, and so many baby boomers, like some of their parents before them, achieved family business success. Now, their prized possession, in many ways like a child they raised and nurtured, is ready with pride for its next phase of growth. And Mom and Dad, successful business owners, ready to relax some, sit down with their children at the end of the year over a holiday family meal. The time has come, Dad opens, to pass the golden goose on to their four adult children, three of whom have started their families. So the conversation begins the anticipated celebration of the passing of the business on to the kids.
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